Elm Capital Second Half Newsletter 2018

March, 2019

Elm Capital Second Half Newsletter 2018

  • The second half of 2018 saw median prices for buyout funds decrease to levels last recorded in the first half of 2016
  • The median of the highest bids for buyout funds received by Elm Capital reached a level of 95% of Net Asset Value (“NAV”) in H2 2018
  • Transactions carried out in H2 2018 continued to evolve in diversity and complexity:
    • Fund of funds continued to liquidate vintages over 10 years old to wind down vehicles
    • GPs accessed the secondary market to provide an exit route for their LPs and to secure additional time and capital to achieve the full potential value of their portfolio
    • LPs explored alternative liquidity solutions to traditional LP fund secondaries to free up capital for new primary commitments

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